Dedicated to Deposits: Deals, Data, and Discussion

3.75% Savings Account Promotion Guaranteed into Jan 2009 at Imperial Capital Bank

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Imperial Capital Bank has extended its savings account promotion. A yield of 3.75% APY is now guaranteed through 1/20/2009. Unlike Imperial Capital's iMoney Market Account, this savings account is only an in-branch product. The 3.75% APY now applies to all of its branches in Baltimore, MD, Las Vegas, NV and in several California cities (see branch location page).

Opening minimum deposit and minimum balance to earn interest for this savings account is $1,000. There are no maintenance fees. One nice perk is that 6 foreign ATM usage and surcharge fees are waived each month.

For those who don't live near Imperial Capital branches, their iMoney Market Account has maintained competitive rates (currently ranging from 3% to 3.75% APY). Also, the Seniors iChecking account is a good deal with a yield of 3.15% APY for a minimum balance of $250.

Imperial Capital Bank's internet CDs (iCDs) have some competitive rates on short terms. These include a 4.10% APY 6-month CD, 4.15% APY 9-month CD and a 4.25% APY 12-month CD (see post).

Like many of the banks in California, Imperial Capital has been hurt by the mortgage crisis. The San Diego's Union Tribune reported last month that "Imperial Capital Bank has entered into a written agreement with federal and state banking regulators to fix several potential trouble spots found in a recent examination, including reducing its exposure to some types of loans." As I recommend with any bank, make sure you stay under the FDIC limits. Imperial Capital has been FDIC insured since 1985 (FDIC Certificate # 26348)

Thanks to the reader Marc who mentioned this special in the finding-the-best-deals post.

  Tags: Nevada, California, Maryland, savings account

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